Abstract:

The transformation from the traditional to sustainable business model causes the reorientation of the enterprise’s management system. Nowadays the enterprises tend to take the first places in the rating lists not just from the economic or financial dimensions, but to increase the demand for own product in the frame of the green economy. On the one hand, the management system should consult all stakeholders’ interests, while on the other, provide the minimization of risks including the environmental ones. Given the above, it becomes relevant to reorient the whole enterprise management system including risk management. Since the modern market environment has been changed, the risk management model which needs the transfer from isolated to integrated control has been changed. It should be noted that the management complex (ERM) is considered to be the system directed to maximize the positive effects and to minimize the negative ones regarding the unforeseen events. Moreover, using ERM provides opportunities for enterprise efficiency improvement. Generally, ERM is considered to be the combination of three following blocks: factors in ERM; ERM impact on enterprise efficiency; risk management mechanisms in certain organization conditions. Thus, this study is aimed to establish the relation between ERM implementation and enterprise efficiency. In view of this, the list of following factors which influence the enterprise efficiency has been formulated: environmental uncertainty, market competition, company size as well as company complexity. In turn, the above-mentioned factors formulate the external environmental impact on entrepreneurship and internal enterprise resistance to uncertain actions. In accordance with the obtained results, it has been established that the effect from one factor differs from another for each business entity. Furthermore, each group of factors included separate variables. For analysis, the investigated enterprises were divided into two following categories: the etalon enterprises which were highly efficient and the general enterprises. Thus, highly effective enterprises were used as a landmark to define the relation between ERM and as variables in emergencies. Based on the obtained results, the existence of the relationship between the results of enterprise performance and ERM implementation was established. However, the several following limitations, which demand the future investigation could be detected: chosen variables on the base of the interpretation method of existent literature as well as the short analysis period of environmental uncertainty factor. In view of this, the determined limitations are the prerequisite for future investigations.